Summary:
- Recent Available indicators suggest that economic activity has been expanding at moderate pace. (Change)
- Job gains have slowed this year, and unemployment rate has edged up but remained low. (No Change)
- Inflation has moved up since earlier in the year and remains somewhat elevated. (No Change)
- Uncertainty around the economic outlook remains elevated. (No Change)
- The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months. (Change)
- In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3 3/4 to 4 percent. (Change)
- In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. (No Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- The Committee decided to conclude the reduction of its aggregate securities holdings on December 1. (Change)
- The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. (No Change)
- Stephen I. Miran preferred to lower the target range for the federal funds rate by 1/2 percentage point, and Jeffrey R. Schmid preferred no change to the target range for the federal funds rate at this meeting. (Change)
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